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Independent News For The Australian Public Service
Edition Number 397. Updated Tuesday, 18 February 2014

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The Australian Taxation Office has launched two YouTube videos covering "hot topics" and introductory information for trustees of self-managed super funds.

Deputy Commissioner, Superannuation, Alison Lendon, launched the videos during the SMSF Professionals Association of Australia (SPAA) national conference last week.

The Government's proposed legislation giving the ATO new powers to address non-compliance by SMSF trustees was also discussed at the conference.

University of Sydney research

If the legislation is adopted, administrative penalties will apply to breaches of super law from 1 July 2014.

This means SMSF trustees will be personally liable for penalties between $850 and $10,200, depending on the provision contravened.

"SMSF trustees should rectify any contraventions as soon as possible or they may face a penalty," said the Deputy Commissioner.

"In some cases these changes will impact the way SMSFs operate so for the ATO our focus will continue to be on education and support to ensure trustees understand the rules."

Loans, borrowings, sole purpose breaches, in-house assets, arms-length and related party investments are the most common contraventions auditors are reporting.

This year the ATO will review every Auditor Contravention Report.

The ATO is also calling on trustees to be aware of changes to SMSF administration and SuperStream, the new data and payment standard reporting rules.

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